 "IBC, insolvency, bankruptcy, NCLT, company, firms")
Against this backdrop, the regulator has directed that in case of a FSP, the liquidator concerned should declare the category under which the particular FSP has been notified by the central government
Liquidators need to ensure that financial service providers have the requisite permission from their respective regulator before commencing voluntary liquidation process under the insolvency law.
The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday issued a circular in this regard amid instances of Financial Service Providers (FSPs) commencing voluntary liquidation process without requisite approvals.
Under the Insolvency and Bankruptcy Code (IBC), the definition of corporate persons excludes any FSP.
FSPs notified by the ce…
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